MMI Messina Minerals Inc.

Solvista Gold Corporation ("Solvista" or the "Company") (TSX
VENTURE:SVV)(OTCQX:SVVZF) is pleased provide an update on the ongoing
exploration activities recently completed and planned at its Caramanta Project
(the "Project"), which is currently being explored by IAMGOLD Corporation
("IAMGOLD"). As previously announced on March 17, 2014 Solvista entered into a
definitive option agreement (the "Agreement") with IAMGOLD and also received
acceptance of the Agreement from the TSX Venture Exchange.


Over the past several months, IAMGOLD has assigned a dedicated exploration team
to the Project and commenced a detailed exploration program with the aim of
resuming drilling during Q3 2014. Work completed or currently underway includes:




--  A Mobile Metal Ion ("MMI") soil sampling program (896 samples) focused
    on ridges and spurs across the property to complement previous programs
    completed by Solvista. 
--  A 27 line kilometre ground magnetic survey within the area of the
    Caramanta Porphyry Cluster ("CPC"), to complement the previous surveys
    completed by Solvista in the area, resulting in complete ground magnetic
    coverage over the entire CPC. 
--  Detailed geological mapping and sampling in the areas of the Malabrigo
    and Casa Verde targets within the CPC. 



Results from the MMI soil sampling program have been integrated with the
Solvista database across the southern portion of the Project. Existing anomalies
for gold and copper were expanded and new anomalies were identified within the
CPC from the El Reten discovery, located at the southern end of the CPC, to the
Casa Verde anomaly, located some 2.5 kilometres to the north. Two other
anomalies were confirmed/ extended in areas where Solvista had previously
completed little or no soil sampling: El Cacao, located to the north of the CPC,
represents a possible extension of the mineralizing system and one target, known
as Don Carlos, located to the east of the CPC in what appears to be a second
mineralized trend that includes the Yarumalito/ Obispo targets of Colombia Mines
Corporation. It should be noted that MMI anomalies may be offset from the
mineralized zones to which they are related. It will take further geologic
mapping and rock chip sampling to better understand the potential relationship
of these anomalies to gold-copper mineralization.


Under the terms of the Agreement, IAMGOLD has agreed to complete a minimum of
US$2,500,000 in exploration expenditures and will have the right to earn up to a
70% interest in the Project, located in Colombia's Mid-Cauca Belt, by completing
the following steps:




--  IAMGOLD can earn an initial 51% interest in the Project by investing a
    total of US$18,000,000 (including the US$2,500,000 firm commitment
    described above) in qualifying expenditures, which will include
    US$900,000 of cash payments to Solvista, over a maximum five-year period
    commencing on December 16, 2013; and 
--  IAMGOLD can earn an additional 19% interest in the Project, for a total
    70% interest, by investing a further US$18,000,000 in qualifying
    expenditures over a maximum three-year period following the completion
    of the initial 51% earn-in. 



Subject to the satisfaction of the aforementioned conditions, and upon
completion of IAMGOLD's 51% or 70% earn-in, as IAMGOLD may elect, Solvista and
IAMGOLD would enter into a joint venture to hold and advance the Project.


The scientific and technical information contained in this press release has
been reviewed by the Company's President and CEO, Mr. Miller O'Prey, P.Geo., who
is a "Qualified Person" as such term is defined under National Instrument 43-101
- Standards of Disclosure for Mineral Projects ("NI 43- 101").


About the Caramanta Project

The Project is located at the centre of the Middle Cauca Belt, one of the most
prolific gold districts in Colombia, with production dating back to pre-colonial
times. It has also been the focus of intense exploration over the past five
years with a number of new discoveries including La Colosa (Anglogold Ashanti),
a porphyry-gold deposit with a JORC-compliant Inferred Resource of 24.15 Moz Au
at 0.94 g/t Au. Directly south of the Project is Gran Colombia Gold's Marmato
Project with NI 43-101-compliant Measured and Indicated Resources of 11.8 Moz Au
at 0.9 g/t Au and 80 Moz Ag at 6.1 g/t Ag, and Inferred Resources of 2.6 Moz Au
at 1.02 g/t Au and 9 Moz Ag at 3.7 g/t Ag. To the north is Sunward Resources'
Titiribi deposit where a NI 43-101-compliant Measured and Indicated Resource of
6.2 Moz AuEq at 0.50 g/t and Inferred Resource of 6.5 Moz AuEq at 0.53 g/t have
been announced.


Three of the Project's multiple targets (El Reten, El Corral and Ajiaco Sur) are
located within a regional environmental designation referred to as a District of
Integrated Management ("DMI"). Under the terms of the DMI there is currently a
prohibition against open pit mining within the DMI. The Company has made a
written submission to the regional environmental authority responsible for the
declaration and management of the DMI ("Corantioquia") requesting the immediate
removal of the DMI designation over its mining titles. As disclosed in the
Company's press release dated September 16, 2013, exploration within the DMI had
been temporarily halted by Corantioquia until the Company's application for
removal of the DMI designation has been considered. As further disclosed in the
Company's press release dated December 18, 2013, Corantioquia informed the
Company that during the period that the decision on the removal of the DMI
designation was being considered, exploration within the DMI could resume upon
the receipt of an acceptable environmental management plan ("EMP"). In March
2014 IAMGOLD and the Company presented an EMP to Corantioquia and are currently
awaiting comments and approval.


About Solvista

Solvista is a gold exploration company with two projects, Caramanta and
Guadalupe. These projects cover approximately 45,000 hectares in the Antioquia
province of Colombia, a region rich in historic gold mining tradition and where
several new gold discoveries have recently been made. Solvista is well funded
and has completed initial drill programs at both its projects, with the
discovery of significant mineralization at both. Solvista's head office is
located in Toronto, Canada with its Colombian headquarters located in Medellin.
For further details on Solvista, its management team and its projects, please
refer to Solvista's website (www.solvistagold.com).


Neither the TSX-V nor its Regulation Services Provider (as that term is defined
in the policies of the TSX-V) accepts responsibility for the adequacy of this
news release. No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained herein.


CAUTIONARY STATEMENT: This news release contains forward-looking information
which is not comprised of historical facts. Forward-looking information involves
risks, uncertainties and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward-looking
information in this news release relates to, among other matters, IAMGOLD's
interest in the Project under the Option Agreement. Factors that could cause
actual results to differ materially from such forward-looking information
include, but are not limited to, failure to convert any estimated mineral
resources to reserves, capital and operating costs varying significantly from
estimates, the preliminary nature of metallurgical test results, delays in
obtaining of failures to obtain required governmental, environmental or other
project approvals, including those related to the District of Integrated
Management at the Project, political risks, uncertainties relating to the
availability and costs of financing needed in the future, changes in equity
markets, inflation, changes in exchange rates, Solvista's relationship with
IAMGOLD, fluctuations in commodity prices, delays in the development of the
Project, risks involved in the mineral exploration and development industry, and
those other risks set out in Solvista's public documents filed on SEDAR.
Solvista believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable; for example,
that the Option Agreement will not be terminated and IAMGOLD will exercise its
option(s) thereunder. Nevertheless, undue reliance should not be placed on such
information, which only applies as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed time frames
or at all. Solvista disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Solvista Gold Corporation
Miller O'Prey, PGeo
Chief Executive Officer
+1 (647) 694-0149
moprey@solvistagold.com


Solvista Gold Corporation
Don Christie, CPA
Chief Financial Officer
+1 (416) 504-4171
dchristie@solvistagold.com
www.solvistagold.com

Messina Minerals Inc. (TSXV:MMI)
Historical Stock Chart
Von Okt 2024 bis Nov 2024

Messina Minerals Inc. (TSXV:MMI)
Historical Stock Chart
Von Nov 2023 bis Nov 2024